LUNA/UST Grieving Thread

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The Repeated Meme

The Repeated Meme

Kill count: 1
True & Honest Fan
kiwifarms.net
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Feb 7, 2021
I am so fucking felted right now. I bought UST because Okcoin was offering a 16-20% variable apy on it. I purchased $1000 worth a couple months ago and have lost about $900 so far, I have not sold any in case it ever regains its peg to the US Dollar.

I never even considered this would happen because I assumed there was some mechanism in place to ensure it was always pegged to around $1. I feel foolish for not doing more research but in my defense I've never had A problem with stablecoins.

Seriously considering investing in $ROPE soon. Discuss.
 
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It won't regain the peg. Just sell at this point. Every algorithmic stablecoin has failed and probably will. I'm just waiting for tether to collapse and tank the market to buy in hard. Did you know that tether isn't even backed one to one by dollars but mostly comercial paper (debt issued)? It will all come tumbling down, tumbling down, tumbling down.
 
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Justtocheck said:
It won't regain the peg. Just sell at this point. Every algorithmic stablecoin has failed and probably will. I'm just waiting for tether to collapse and tank the market to buy in hard. Did you know that tether isn't even backed one to one by dollars but mostly comercial paper (debt issued)? It will all come tumbling down, tumbling down, tumbling down.
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I learned that after the fact, sadly. I doubt it will regain its peg as well but you never know. Plus it's not like another hundred dollar loss would do much more damage at this point.
 
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One time I was in crypto rehab with this kid named Oscar who got stung by a bee, right on the lip! We couldn't even talk to each other until the fifth week 'cuz both of our lips were so swollen and when he did start speaking he just spoke Polish. I happen to know like three words in Polish; but now I know four because Oscar taught me the word for valueless! USTa!

"Your cryptos all crashed, USTa. How do you spell that?"
 
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Few winners, many losers when it comes to Luna. It is a bit poetic something that claimed to be "stable" turned out to be built on sand. Sucks for the people who lost big though.
 
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Justtocheck said:
Every algorithmic stablecoin has failed and probably will. I'm just waiting for tether to collapse and tank the market to buy in hard.
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Yeah despite this wiping out half my gainz in other stuff I'm secretly kind of happy if it kills stablecoins. Something like this was inevitable so it's better to happen now than later when we're approaching some actual interesting developments that aren't just memes and stimcheques. It's only a shame it wasn't sooner.
 
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Got 500 000 of this for 30$ or 50$ I don't remember. Didn't sell when it went above 300$. It's fucking ridiculous, but I am hoping to see some sort of emergency plan (burning mecanism, fork, whatever) getting implemented and allowing me to profit in the end. It's wine money so if it dies for good I'd give 0 fuck and buy beers instead. This entire mess is the most interesting thing of this year as far as crypto is concerned. Who knows what kind of fucked up consequences will follow this clusterfuck.
 
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The Repeated Meme said:
Nope.
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This is the problem with nu-crypto. Just kidding, this happens every cycle, though, and is part of why the crypto market is what it is. Also, this is probably the end of the cycle. I wouldn't be surprised to see BTC crashing down to the teen-thousands again. Could be wrong, but I'd been wondering what this cycle's bitconnect was going to be and bitconnect killed (or rather, heralded the end of) the last cycle.
 
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IDK, my hopium is that there's too much on the line for UST - VC's lost big on it, too. They must be looking at ways to save it. It was top 4 by marketcap in a while. I didn't own any luna but I still keep my UST in case of a bailout. While reviving luna is pretty much impossible, I believe repegging UST is easier, simply by overhauling the entire mechanism.
 
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There is a popular governance proposal to compensate small holders of UST. See https://agora.terra.money/t/proposa...using-lfg-funds-favouring-small-wallets/6471/

This proposal has the support of CZ (head of Binance) because the situation could really set back mass adoption of crypto by damaging what little credibility it has. I think there are people with deep pockets watching this situation and realizing it could reduce retail demand (and thus lower prices for crypto across the board) quite substantially. There may be an intervention for that reason alone. If I had UST, I would hold that for now, personally.

Eta: my understanding is that Binance effectively holds a majority stake in the Terra ecosystem as a validator, please correct me if I am mistaken. That means they have considerable influence over these governance proposals. The other popular option is a hard fork that would destroy any remaining value in UST, an unpleasant option imo.
 
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